Prominent non-resident Indian businessman Adeeb Ahamed has been appointed as the director board member of the National Waqf Development Corporation (Nawadco), an enterprise under India’s Ministry of Minority Affairs.
Ahamed who is based in the United Arab Emirates, is a multifaceted professional and a philanthropist.
He is the chief executive officer of LuLu Financial Group which manages LuLu International Exchange, managing director of Twenty14 Holdings (hospitality), and managing director of Tablez Retail Pvt Ltd.
His leadership has helped establish more than 130 branches of LuLu Exchange across nine countries within seven years.
Twenty14 Holdings, the hospitality investment firm, owns prestigious properties like the Great Scotland Yard in London, Steigenberger Business Bay Hotel in Dubai and the Sheraton Oman Hotel in Muscat.
The National Waqf Development Corporation is an important institution for the development of Waqf properties and for community welfare, particularly Muslims in India, and will play an important role in providing financial resources for setting up of schools, colleges, hospitals and other institutions of higher education.
The establishment of Nawadco came as a follow up of Sachchar Committee recommendation.
India has the largest number of Waqf properties in the world and the current annual income from these properties is about Rs163 crores.
The Sachar Committee has estimated that such properties, if properly developed, with a minimum return of 10%, would be capable of generating an income of Rs2,000 crore per annum.
Nawadco will facilitate and mobilise financial resources for the development of Waqf properties for community development purposes in a joint venture with the state/union territory Waqf boards and the Mutawallis.
Adeeb Ahamed
